Advisors Asset Management Inc. Grows Position in Ready Capital Co. (NYSE:RC)

Advisors Asset Management Inc. raised its holdings in Ready Capital Co. (NYSE:RC) by 74.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 695,357 shares of the real estate investment trust’s stock after acquiring an additional 295,956 shares during the quarter. Advisors Asset Management Inc.’s holdings in Ready Capital were worth $4,742,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after purchasing an additional 398,005 shares in the last quarter. GraniteShares Advisors LLC acquired a new stake in Ready Capital in the fourth quarter valued at $2,480,000. Barclays PLC increased its position in shares of Ready Capital by 205.9% in the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after buying an additional 326,467 shares in the last quarter. State Street Corp raised its stake in shares of Ready Capital by 4.8% during the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after buying an additional 287,068 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Ready Capital in the 4th quarter worth about $1,839,000. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RC. Citizens Jmp cut shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. Wedbush restated a “neutral” rating and set a $6.00 price objective (down from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. JMP Securities lowered their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. B. Riley reissued a “neutral” rating and set a $10.00 price target (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods reduced their price objective on Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.50.

Ready Capital Stock Performance

Ready Capital stock opened at $5.17 on Thursday. The stock has a fifty day moving average price of $6.35 and a 200 day moving average price of $6.99. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital Co. has a 52 week low of $4.74 and a 52 week high of $9.54. The firm has a market capitalization of $842.67 million, a P/E ratio of -7.38 and a beta of 1.43.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a dividend yield of 9.68%. Ready Capital’s payout ratio is currently -18.94%.

Insider Buying and Selling

In other news, insider Adam Zausmer bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $5.42 per share, with a total value of $54,200.00. Following the transaction, the insider now owns 301,105 shares of the company’s stock, valued at $1,631,989.10. This represents a 3.44 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.09% of the company’s stock.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.